The Lanka Indian Oil Company (LIOC) has requested for permission from the government to increase local fuel prices.
LIOC Managing Director K.R. Suresh Kumar has told the media that the company has informed the government of its losses and has requested for a price revision.
Kumar has said the LIOC has imported a consignment of fuel at a loss of Rs. 30 per liter and that the company was therefore compelled to request for a fuel price hike.
The LIOC currently enjoys 30% of the country’s fuel industry.
The government also discussed the increasing global fuel prices at the subcommittee on food protection and cost of living headed by President Mahinda Rajapaksa.